Which of the following is not a condition of long-run equilibrium for perfectly competitive firms?
a. price is equal to marginal cost
b. price is equal to minimum short-run average total cost
c. price is equal to minimum long-run average cost
d. price is equal to marginal revenue
e. economic profit is positive
E
Economics
You might also like to view...
An industry comprised of four firms, each with about 25 percent of the total market for a product, is an example of:
A. monopolistic competition. B. oligopoly. C. pure monopoly. D. pure competition.
Economics
An economic variable that moves in the opposite direction as aggregate economic activity in the business cycle is called:
(a) Acyclical; (b) Procyclical; (c) Countercyclical; (d) A leading variable.
Economics